RENO, NV— The Sands Regent held a conference call on January 3, 2002 to discuss its definitive agreement to acquire Gold Ranch Casino and RV Resort near Reno and its strategic plans for cross-promotion between its flagship downtown Reno Sands Regency Casino Hotel and Gold Ranch. The Sands Regent President/CEO Ferenc Szony and CFO David Wood stated that the company is currently seeking approximately $17 million in financing to cover the cash portion of the Gold Ranch acquisition as well as using the majority of that funding to reduce the interest rate on existing indebtedness. Regarding the Gold Ranch acquisition, the Sands Regent executives expressed optimism that the required Nevada Gaming Control Board approval process for the acquisition can be granted within the next few months, since both the seller and purchaser involved in the transaction currently have valid Nevada gaming licenses. The Gold Ranch property straddles the Nevada/California border, off of Interstate 80, and the Casino and RV Resort includes a California lottery outlet.
